On 12 October 2023, the Financial Stability Board (FSB) published a progress report on climate-related disclosures.
The report has been delivered to G20 Finance Ministers and Central Bank Governors for their 11-12 October 2023 meeting.
The report highlights the following:
- The FSB welcomes the publication of the ISSB standards, which will serve as a global framework for sustainability disclosures and, when implemented, will enable disclosures by different companies around the world to be made on a common basis.
- The FSB will work with the ISSB, IOSCO and other relevant bodies to promote the timely and wide use of the standards.
- ISOCO completed its assessment of the two ISSB Standards and announced on 25 July 2023 its endorsement of them.
- Progress continues to be made on improving interoperability between the ISSB Standards and jurisdictional disclosure frameworks. In particular, the ISSB and the EU have been working jointly to improve the interoperability of their respective requirements in the overlapping climate disclosure standards.
- All FSB jurisdictions currently have in place requirements, guidance, or expectations in respect of climate-related disclosures, or have taken steps to do so.
- The International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants have made substantial progress in developing a comprehensive global set of assurance, ethics and independence standards.
- Jurisdictions have made progress in promoting climate-related disclosures. All FSB jurisdictions either have requirements, guidance, or expectations in respect of climate-related disclosures currently in place, or have taken steps to do so.
In keeping with the previous year’s progress report, this report highlights the findings of the 2023 Task Force on Climate-related Financial Disclosures (TCFD) Status Report. The TCFD Status Report, which has also been published today, reveals that the percentage of public companies disclosing TCFD-aligned information continues to grow, but more progress is needed.
For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.